A new 4th EU AML Directive has been announced. This new directive concerns the following:
- identify beneficial owner of companies;
- more information accompanying fund transfers;
- clear mechanisms for identifying beneficiaries who would previously have been anonymous;
- expanding provisions for dealing with PEPs (politically exposed persons) in Europe;
- provisions governing the entire gambling sector and not just casinos; and
- calls for greater co-operation between national financial intelligence units.
This new directive has to be formerly ratified but is very important for AML compliance.
Contact Siobhain Egan for further advice.
